Mergers & Acquisitions ·
First Capital agrees to acquire First Bancorp for $33.2M in an all-stock merger
FCAPFirst Capital Inc
First Capital, Inc. entered into a definitive Agreement and Plan of Merger with First Bancorp of Indiana, Inc., under which First Bancorp will merge with and into First Capital. First Bancorp shareholders will receive 0.3075 shares of First Capital common stock for each share held, valuing the transaction at approximately $33.2 million based on a 20-day volume-weighted average price of $63.05 per share. The merger is expected to close in the first half of 2027, subject to regulatory approvals and First Bancorp shareholder consent. First Capital will assume First Bancorp's approximately $17 million in subordinated debt and trust preferred securities. Michael Head, First Bancorp’s CEO, will join First Capital’s board and continue as Market President at First Harrison Bank. First Capital operates community banking branches across Indiana and Kentucky.